风险投资与高质量发展:基于省级面板数据的实证检验

Venture Capital and High Quality Development:Empirical Test based on Provincial Panel Data

本文基于高质量发展的大背景,从风险投资支持实体经济发展的天然属性出发,对风险投资与高质量发展之间的理论逻辑进行了系统阐释,并利用中国省级层面的风险投资数据进行了实证检验。研究发现:风险投资可以显著提升全要素生产率水平,是中国高质量发展的重要抓手之一;风险投资作用于高质量发展的路径主要是助力创新、促进科研成果的市场化转化、优化地区的产业结构和扶持中小微企业发展壮大。据此,本文提出了大力发展多层次资本市场,尽快完善科创版试点,持续优化风险投资的市场环境,通过建立股权债权的联动机制和培育多元创业投资主体,做大风险投资市场规模,促进风险投资持续快速健康发展等政策建议。

Based on the background of high-quality development, this paper systematically interprets the theo-retical logic between venture capital and high-quality development from the natural attributes of venture capital to support the development of real economy, and uses the risk investment data of China's provincial level to conduct an empirical test. The study finds that venture capital can significantly improve the level of total factor productivity, which is one of the important hands of China's high-quality development;the path in which risk investment plays a role in high-quality development is mainly to help innovation, promote the market-oriented transformation of scien-tific research results, optimize regional areas and support the development of small and medium-sized enterprises. Based on this, this paper proposes to vigorously develop multi-level capital markets, improve the pilot project of sci-ence and technology as soon as possible, and continuously optimize the market environment for venture capital. By establishing a linkage mechanism for equity claims and fostering multiple venture capital entities, we will expand the scale of venture capital markets and promote the continued rapid and healthy development of venture capital.